Storelectric, a multi-award-winning electricity storage company aiming to transform the global energy market by providing a proprietary-technology solution for storing and using renewable energy, has launched their equity crowdfunding round on Eureeca to raise $1,302,083.
The global demand for a stable and on-demand electricity supply system is rising. At the same time, the world global electricity supply must be switched from polluting fossil fuels to clean renewable sources such as wind or solar. Most renewable sources are intermittent, only creating electricity when the sun shines or the wind blows, and therefore completely unrelated to when we need it.
UK-based Storelectric is positioned to profit in an emerging trillion-dollar market, which is estimated to be worth £11.5 billion in the UK alone. The company aims to solve the intermittency problem of renewable energy by storing energy on a large-scale using Compressed Air Energy Storage (CAES). This involves using excess energy to compress air into a smaller volume and re-generate that energy when needed by expanding this same air through a turbine.
“Currently there no known competitors are operating in the UK, and it is anticipated that once Storelectric proves their technology, competitors will aggressively enter the field,” explains Jeff Draper, Co-Founder & CFO of Storelectric. “Storelectric’s and TCTL’s IP is intended to give several years of a head start, and a significant operating cost advantage over these competitors. We also have the competitive advantage of EU Project of Common Interest (PCI) status, our awards won, and our corporate partners including current negotiations with NAM, the largest energy company in Holland, jointly owned by Shell and Exxon.”
The funds raised via Eureeca will primarily be used for marketing, product development and growing the business internationally. To support this growth, Storelectric will also be investing in IP, infrastructure, technology and the team.
“We’re growing rapidly, with our first plant in Cheshire already underway which was awarded EU project of common interest, and a further two locations identified in Teesside and The Netherlands which are backed by large local industrial entities,” says Draper. “We’re aiming to revolutionise the global energy market by enabling renewables to power the world, and we’d like to invite you to join us.”